Analytics, Employment, Estonia, Industry, Investments, Markets and Companies

According to the survey, two thirds of companies intend to increase turnover, and turnover growth is expected to be 3% on average. A year earlier, the growth was expected to be 5.2% and the real result was according to the Statistical Office 4.2%.

Head of Corporate Banking at Swedbank Heiki Raadik was pleased that the export ambition of Estonian industrialists is high despite the weakness of external demand. "35% of the enterprises plan to increase the share of exports and exporters have focused on new markets," explains Raadik. Raadik said that it is a remarkable fact that besides Scandinavia, every fourth industrial company targets the German market.

91% of companies plan to make new investments. "We see that the average investment volume is growing – 30% of surveyed companies plan to invest more than half a million euros," says Raadik. Almost a half of those who are planning investments, plan to increase efficiency with investments. While in 2013, 8% of companies planned to invest in product development, this year is the percentage has increased to 16%.

Nearly half of the entrepreneurs claim that their development is hampered by labour shortages.

According to Heiki Raadik, the deficit is biggest for engineers, equipment operators and project managers. At the same time, the results show that wage growth in the manufacturing sector is slowing down. While in 2014, the planned wage increase was 4.6% on average, this year, the payroll increase plan is an average of only 3.9%.